2. Steen & Strøm Scandinavia’s leading shopping centre company with a clear focused on development, operation and ownership Our vision is to enrich modern shopping and provide added value to : >Leaseholders >Visitors >Owners Steen & Strøm is owned by the french Klepierre and the Dutch Pension Fund ABP Klepierre are Europe's second largest shopping center enterprise Klepierre is represented in 13 countries, have 376 centers - 276 in own portfolio

3. The Klepierre Group

4. Steen & Strøm in figures 44 shopping centre in NO, SE and DK More than 900.000 m2 and 3,300 leaseholders 145 mio. visitors each year Shopping centre turnover of € 4,5 billion Operating income: € 337 mill. in 2010. Operating result: € 37,4 mill. in 2009. Book equity Steen & Strøm AS € 1.009 million in 2010 13 shopping centre Projects

5. New Projects.. and Odense in 2014

6. Retail Leases and their Diversity

7. The Steen & Strøm Rent Models The Fixed model >Basic rent = market level in the center The Flexible model - with security for Landlord >x% of total gross sales (ex VAT) combined with a minimum rent The Flexible model - with security for Tenant >Lower basic rent + additional turnover dependent rent at X % above x.x mio. DKK Flexible model with ”planned” security for Tenant (Staircase model) >x% of total gross sales (ex VAT) with rising minimumrent + Service charges Indexation, NPI, min. 3% Rent models can be combined with introduction discounts (1 – 3 year) …

8. The Turnover dependent rent In contracts defined as: Gross sales comprise total amount of sales and leasing of goods and/or services effected in or from the Leased Premises, including telephone, Internet and mail order sales, on both a cash and credit basis. Increasingly demand from retailers Almost all contracts/projects in today market is turnover based >Introduction period >Non terminable period 80% of contracts from 1980 – 2000 is Fixed base rent

9. But what about online sales? The on-line sales is growing rapidly! Consumers shop on-line globally 24/7/365 How severe is the shift from Bricks to Clicks and from Shop to Showroom? Is turnover depended rent still making sense? Can the concept of RENT LOAD still be used as a benchmark?

10. We believe that.. That consumers are attracted the best marketplaces The succesfull and well operated marketplace is attraktive to consumers and retailers A marketplace full of showrooms is also generating footfall and creating synergies to the traditonal (”old fashioned”) buying Cross Channel strategies must be supported by landlord - not the opposit The tools and rent models are in place, but … A readiness for adjustments can be necessary

11. Tak for opmærksomheden Søren Soelberg, Leasing Director - Steen & Strøm Danmark +45 41 900 222 - soren.soelberg@steenstrom.com